H Res 53. (Mortgage-backed securities buyout conditions) Providing for consideration of a bill that would set new conditions on the use of money to purchase mortgage assets (HR 384)/On passing the bill

This vote was on a resolution outlining the rules for floor debate on a bill that would create new conditions on the use of some $700 billion in funding to purchase certain “toxic” mortgage assets weighing down the balance books of banks and companies. This “bailout” money is intended to help ease a credit crunch that is stifling business across the nation.

These types of resolutions, drafted by the House Rules Committee (and typically favorable to the majority party, in this case Democrats), set the rules for debate for bills on the House floor, including how long the bill will be debated and what, if any, amendments may be offered.

As is typical with these kinds of rules, the minority party (in this case Republicans) complained that the rule is too restrictive and that it does not afford them enough of a chance to offer amendments. In this case, the rule allowed only for debate, and no amendments at all, whether by Democrats or Republicans.

David Dreier, R-Calif., chastised Democrats for not allowing any amendments, saying there had been some 70 filed already.

“This rule is simply going to allow for general debate. Right now the Rules Committee is hearing proposed amendments to this measure, and I know that in excess of 70 amendments have been submitted to the committee. But I will say that regardless of how those turn out, the fact that we have ignored completely the committee structure, the deliberative process that should be used for this, leads me to urge my colleagues to oppose this measure,” Dreier said.

By a vote of 235-191, the House passed the bill. Every Republican present voted against the bill. Of Democrats present, 235 voted for the bill and 15 voted against it. The end result is that the House passed a bill providing for floor debate for a measure setting conditions on spending $700 billion in bailout money.